Are you or someone you know thinking of downsizing? If this is the case, but you are putting off the transaction because you are afraid your property taxes may go up, I have some important information to share with you.

Did you know that under California Proposition 60, homeowners age 55 and over may be eligible to transfer their property tax base to their new home after the sale of their current property, so long as the move is within the same county?

And under California Proposition 90, homeowners may transfer their property taxes to a home in a different county, provided that that county is eligible. This is a great opportunity for those who are looking to downsize. Transferring your property tax base to a new home can also help you extract equity without losing money in the long run.

As I mentioned before, though, there are some requirements a homeowner must meet to be eligible. First, the homeowner or their spouse must be 55 or older at the time they sell their current home. Next, the replacement property must serve as a principal residence and be of equal or lesser market value to their current home. And finally, the replacement property must be purchased or built within two years of the sale of the original home.

Now, it is important to keep in mind that this is a one-time use policy. But there is an exception. If you were to become seriously disabled after taking advantage of this opportunity, you may be eligible to utilize it a second time.

About Tim Majka

The team at Imagine Realty specialize in residential and residential income property throughout Long Beach and the greater Los Angeles and Orange County area. Imagine Realty has over 50 years combined experience in the real estate industry and is ranked in the top 1% of real estate teams in Southern California.

Hear what people are saying about us:

Tim went far and beyond what I expected from a real estate agent. He drove me around the city and took me to as many places and I needed to see. This was the first property I’ve ever bought in my life so there was nothing he wouldn’t do to make sure it was right. There real...

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Tim went far and beyond what I expected from a real estate agent. He drove me around the city and took me to as many places and I needed to see. This was the first property I’ve ever bought in my life so there was nothing he wouldn’t do to make sure it was right. There really is nothing he wouldn’t do to please his clients!

I’ve worked with Tim on 3 transactions now and we’ve always had fantastic results! He’s just a really good Realtor and a really good guy. He’s always accessible and I really feel like he has my best interests in mind and that’s what’s so commendable. If it’s the right time ...

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I’ve worked with Tim on 3 transactions now and we’ve always had fantastic results! He’s just a really good Realtor and a really good guy. He’s always accessible and I really feel like he has my best interests in mind and that’s what’s so commendable. If it’s the right time to buy he’ll tell you if it’s the right offer or the wrong offer. There’s just something about him and his company where you just trust what they’re telling you. He’s really a guidance counselor, not just a real estate agent.